Gold gearing up for another run at $1,250.00
- Risk-off sees Gold taking another run at recent swing highs.
- Souring market sentiment is seeing rapidly-increasing demand for safe-havens.
Gold is finding some continued buying support in Thursday's trading, lifting back into 1,236.00 as risk sentiment takes a turn for the worse in broader markets, and the safe-haven metal is finding support from yesterday's low of 1,225.00.
Global markets turned lower on Wednesday, sparking another round of bidding in the soft yellow metal as investors seek shelter amidst the fallout of equity routs around the globe.
US bonds continue to find their yields getting bolstered, driving action into the US Dollar, and the market moves are also seeing Gold prices back on the rise after several weeks of steady trading. As investors continue to seek somewhere safer to dump their cash holdings, the XAU/USD chart is leaning increasingly bullish as the in-demand metal rises from early October's lows of 1,180.00.
Gold levels to watch
Gold prices touched the 200-hour moving average yesterday at 1,225.00, and the week's high remains the current ceiling near 1,240.00, a three-month high for the commodity, while support is now built-in at the top of the previous range just north of the 1,200.00 major technical figure.
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
